The Central Board of Indirect Taxes and Customs (CBIC) enabled the option to file GSTR-9 and GSTR-9C for the financial year 2018-19. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST.
It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST and HSN codes. Basically, it is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.
GSTR-9C is reconciliation statement which is every registered person whose turnover during a financial year exceeds the prescribed limit of rupees two crores shall get his accounts audited by a chartered accountant or a cost accountant. GSTR-9C is a statement of reconciliation between the Annual Returns in file GSTR-9 for an FY and the figures as per the audited annual Financial Statements of the taxpayer.
It can be considered to be similar to that of a tax audit report furnished under the Income-tax act. It will consist of gross and taxable turnover as per the Books reconciled with the respective figures as per the consolidation of all the GST returns for an FY. Hence, any differences arising from this reconciliation exercise will be reported here along with the reasons for the same.
The late fees for not filing the annual return on the due date are Rs. 200 per day. This implies that the person has to pay Rs. 100 under the CGST Act and Rs. 100 under the SGST Act as a penalty in case of delay. The penalty is subjected to a minimum of 0.25% of the taxpayer’s turnover in the relevant state. There are no fees on IGST yet. The due date to file GST annual for the Assessment Year 2018-19 is 31st March 2020.